It seems like Trump's strategy of threatening the Chinese with tariffs didn't work so his administration had to humiliate itself and invite the Chinese to negotiate. US business community seems to have forced Trump's hand not to go ahead with the threatened $200B and an additional more than $200B, practically covering all Chinese exports to the US. Quite a humiliation! I wonder how long Mr Trump will be able to handle the humiliation. I wouldn't be surprised if he eventually snaps, quite soon, and says "screw the lobbyists" and moves ahead with the tariffs, even disregarding possible ongoing negotiations. However he will likely be able to abstain until the mid term elections in November.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.